CONSUMER ELECTRONICS PACKAGING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Consumer Electronics Packaging Market Size and Trends

The consumer electronics packaging market is estimated to be valued at USD 22.63 Bn in 2024 and is expected to reach USD 68.71 Bn by 2031, growing at a compound annual growth rate (CAGR) of 17.2% from 2024 to 2031.

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The market has been experiencing steady growth over the past few years driven by the rising demand for consumer electronics such as smartphones, tablets, and televisions across the Globe.

The market is expected to witness significant growth during the forecast period supported by the growing trend of sustainable packaging in the electronics industry. Manufacturers are increasingly focusing on eco-friendly packaging solutions made from recycled and recyclable materials to appeal to environmentally conscious customers. The adoption of bioplastics and biodegradable materials for electronics packaging is another trend gaining traction in the market.

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As consumer awareness towards environmental protection increases globally, they are now more inclined towards brands that use sustainable packaging materials and solutions. There is a strong sentiment among consumers that companies should minimize the use of plastics and other materials that cause pollution. The growing preference for eco-friendly options is prompting electronics manufacturers to shift their packaging strategies. Many of them are actively exploring the potential of using recycled content, biodegradable substances, and alternative materials that have a less negative impact on the planet.

Gone are the days when durability and product safety were the only major criteria for electronics packaging. Customers now carefully check the packaging for any environmental certifications and want assurances that a brand follows responsible production practices. The sustainable characteristics are even influencing purchase decisions for some customers. This shift in attitudes is driving electronics Original Equipment Manufacturers to invest in renewable and recyclable packaging products. Some firms have managed to create packaging that can be reused for future deliveries, while others have designed boxes that break down naturally without polluting the soil or water. Such innovations are helping boost their brand perception and increasing the chances of customer retention.

In August 2022, Polymatech, a company that makes computer chips in Tamil Nadu, India, decided to spend USD 1 billion to make its chipset manufacturing and packaging facility bigger.

Growth in the E-commerce Channel

Over the past few years, the ability to shop from home through online retailers has grown significantly. Customers now extensively use e-commerce platforms and websites to purchase a wide array of products ranging from apparels to home appliances. This boom in the digital buying experience has directly benefited the electronics category as well. Devices like smartphones, tablets, laptops, and accessories that earlier involved only in-store trips can now be obtained with a few simple clicks. Naturally, these online purchases need sturdy and effective packaging solutions to protect the products during transit.

The mushrooming of e-commerce businesses has presented profitable opportunities for packaging manufacturers. Organizations requiring logistics and shipping services for their electronically delivered goods are turning to these packaging specialists. The requirements include packaging that can withstand impacts, cushion products effectively, carry delicate devices safely, and bear labeling for addresses. Some features like tamper evidence and easier returns processing are also gaining attention. All these needs from the e-commerce vertical have opened up a huge and consistent demand stream for dedicated electronics packaging designs. Companies are innovating custom boxes, envelopes, wraps, and filling materials to stabilize device shipments during their journey.

In June 2022, according to India Brand Equity Foundation, the combined production of cars, three-wheelers, motorcycles, and quadricycles reached 2,081,148 units. This production surge is expected to be a key driver for the market's future growth.